Related Articles

Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings.

Never miss a great news story!

The bank said its net profit for the three months ending March 31 totaled 5.12 billion Swedish kronor ($577.2 million), compared with SEK4.31 billion for the same period last year. STOCKHOLM–Swedbank AB (SWED-A.SK), one of Sweden’s and the Baltic region’s largest lenders, Tuesday posted a rise in net profit for the first quarter, as higher net-interest income from strong mortgage lending helped offset a rise in expenses and credit losses. Net interest income at the Sundbyberg, Sweden-based bank rose to SEK5.97 billion from SEK5.46 billion, while loan losses increased to SEK339 million from SEK35 million. Swedbank said corporate lending decreased slightly in the quarter due to repayments and foreign-exchange effects. Swedbank’s common equity Tier 1 ratio, a measure of financial strength, stood at 24.2%, up from 23.7% a year earlier.

NEW DELHI: Wipro , India’s third largest IT firm by revenue reported a 20 per cent QoQ jump in standalone net profit at Rs 2,303.5 crore for the March quarter of financial year 2016-17.The IT major had reported a net profit of Rs 1,918.50 crore for the corresponding quarter last year.The board of the company also recommended a bonus shares in ratio 1:1 and reaapointed Azim Premji as company’s chairman.Consolidated net profit of the company jumped 7.19 per cent on quarter-on-quarter basis to Rs 2,267 crore for the quarter ended March 31, 2017. It had posted a consolidated net profit of Rs 2,114.80 crore in the sequential quarter ended December 31, 2016.For Jan-March period, the company reported a consolidated total income of Rs 15,033.80 crore, up 4.87 per cent, against Rs 14,336.40 crore last quarter.Consolidated earnings per share (EPS) of the IT company jumped to Rs 9.33 per share as of March 31, 2017 from Rs 8.70 as of December 31, 2016.Share price of the company had closed 0.93 per cent up at Rs 496.35 ahead of the announcement of quarterly numbers on Tuesday.